Description

BSE updates the list of securities under Enhanced Surveillance Measure framework, adding 9 new securities and moving 4 securities to higher ESM stages effective December 23, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective December 23, 2025. Nine securities are being newly included in the ESM framework, while four existing securities will be moved to higher ESM stages. No securities are being removed from the framework or moved to lower stages.

Key Points

  • 9 new securities shortlisted for ESM framework (Stage I)
  • 4 securities to be moved to higher ESM stages
  • No securities moving out of ESM framework
  • No securities being moved to lower ESM stages
  • Consolidated list shows 20 securities currently under ESM surveillance
  • Effective date: December 23, 2025

Regulatory Changes

Securities under ESM framework are subject to:

  • Enhanced disclosure requirements
  • Additional due diligence by market participants
  • Possible trading restrictions based on ESM stage
  • Progressive surveillance measures for securities moving to higher stages

Compliance Requirements

For Trading Members:

  • Exercise enhanced due diligence for transactions in ESM securities
  • Ensure client awareness about ESM classification
  • Monitor trading activities in these securities

For Investors:

  • Be aware of enhanced surveillance status before trading
  • Understand additional risks associated with ESM securities
  • Review company disclosures and compliance status

Important Dates

  • Effective Date: December 23, 2025

Securities Details

New ESM Inclusions (9 securities):

  1. Colorchips New Media Ltd (540023)
  2. Jattashankar Industries Ltd (514318)
  3. Parshva Enterprises Ltd (542694)
  4. Rachit Prints Ltd# (544503) - SME scrip
  5. RGF Capital Markets Ltd (539669)
  6. Sonal Mercantile Ltd (538943)
  7. TCI Finance Ltd* (501242)
  8. Tejassvi Aaharam Ltd (531628)
  9. Tirupati Foam Ltd (540904)

Moving to Higher ESM Stages (4 securities):

  1. Gujarat Investa Ltd (531341)
  2. Hemo Organic Ltd (524590)
  3. Shree Krishna Paper Mills & Industries Ltd (500388)
  4. Unipro Technologies Ltd (540189)

Impact Assessment

Market Impact:

  • Increased scrutiny and potential liquidity constraints for affected securities
  • Higher compliance burden for trading members dealing in these stocks
  • Possible impact on investor sentiment and trading volumes

Operational Impact:

  • Trading members must update surveillance systems and client communication
  • Enhanced monitoring and reporting requirements
  • Progressive restrictions may apply as securities move through ESM stages

Risk Mitigation:

  • ESM framework designed to protect investors from volatile securities
  • Enhanced disclosure helps in informed decision-making
  • Staged approach allows for corrective action by companies

Impact Justification

Affects 13 securities with enhanced surveillance measures including additional disclosure requirements and trading restrictions, but limited to small-cap stocks with lower trading volumes